A Turkish businessman has signed an agreement in principle to take over French car part maker Heuliez. The French state is helping Alphan Manas finance the 30-million-euro deal, which follows weeks of negotiations
By News Wires
AFP - Turkish investor Alphan Manas on Tuesday signed an agreement in principle to acquire French specialist car part maker Heuliez, the industry ministry said, with the deal set to be finalised on March 31.
"The decision taken this morning by businessman Alphan Manas is very good news for Heuliez and its 600 employees," French Industry Minister Christian Estrosi said in a statement, following weeks of negotiations.
But he said observers should "remain prudent" until the deal is finalised.
The French state is helping to finance the takeover, which has been valued at approximately 30 milllion euros (41 million dollars). Manas has already made provisions of three million euros to pay for the deal.
Manas told reporters: "I would like to point out that we are signing an MOU (memorandum of understanding) to continue with our legal and financial due diligence on a non-exclusive basis.
"In the event that we are satisfied with the results of the due diligence, we will be ready for takeover. I continue to talk to potential industrial partners in Turkey who may co-invest with me," he said.
France24
